Gold sell opportunity is at 1795/1800

Gold, silver, WTI crude

Gold Spot holding below strong resistance at 1795/1800 keeps the outlook negative. If you are short from this level it could be worth holding the position as it looks like we are in a consolidation, probably a bear flag before the next move lower. Bulls need a break above 1805 for a buy signal.

Silver Spot has topped exactly at first resistance at 2630/40 this week to keep the outlook negative.

WTI Crude August broke first support at 7330/20 but then bottomed exactly at the next target & support at 7235/25. Longs here worked perfectly on the bounce to 7363 for a minimum 100 tick profit.

Daily analysis

Gold holding below minor resistance at 1785 is negative for today but the best sell opportunity is at 1795/1800 again of course. Stop above 1805. Bulls need a weekly close tonight above 1800 for a buy signal at the start of next week targeting 1811 & 1820/23.

Moves are expected to the downside eventually to 1770 & 1765/60. ON a break lower look for 1755, 1750 & 1735/30.

Silver gains are likely to be limited again today with first resistance at 2630/40. A break above 2650 however allows a recovery to strong resistance at 2670/80. If silver continues higher look for 2710/20.

200 dma support at 2580/70 has held perfectly this week. A break below this week’s low at 2550 is another sell signal targeting 2525 & 2505/2500.

WTI Crude holding first support at 7330/20 this morning in the bull trend allows a recovery to 7380/90 & 7425/45. A break higher targets 7485/95.

Below 7300 risks a retest of 2nd support at 7235/25. A break below 7210 however can target strong support at 7120/10.

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